Don’t Get Fooled by Essex Estate Agent Terminology When Purchasing Property

Don’t Get Fooled by Tricky Terms When Purchasing Property

 

If you are looking to purchase  property, you may encounter confusing terminology, which will leave you completely lost. Property listings usually include different numbers as well as marketing jargon, offering excessive information. Hence, it is vital to learn about a few terms today.

Sale-to-List Ratio

This is a significant number that you must pay attention to when finding the best estate agent. The percentage is computed based on what the home was first listed for, divided by the actual sale price. If the number is significantly closer to 100, the agent is a good alternative. In case the number is low, their listings may be usually very high. Pricing a property is so important as the first 3 weeks see the most activity.

Median Days on Market

On the market – median days involve the midpoint of the number of days it took for homes in that specific region to sell. If it is determined to be 30 days, one-half of the houses were sold quicker, while the rest took longer than 30 days. The longer a property is on the market, the more chance a seller could be ready to take a lower offer. However, there can be reasonable circumstances, and it is the agent’s job to protect all parties, especially during the negotiation phase.

Distressed Property

A property listed as distressed is basically when the owners have defaulted on their loans or may do so soon. When you are a buyer, you could enjoy a good deal on a repossession since the banks typically list them less than the market value to try and recoup a little bit of their loss.

Under Offer Status

If you find your dream home and see that it comes with an under offer status, you may be looking at some disappointing news. Under offer basically means that the owners have accepted an offer, pending financial checks. If you know that the house is right for you, you can still place a bid if the first offer falls through.

If you want to purchase a property, allow us to help you understand the jargon and locate the perfect home for you. Call us on 01277 564022  or email on [email protected] for more information.